New York: The Interpublic Group, parent to PR agencies Weber Shandwick, Golin/Harris International, MWW Group, and DeVries, posted a fourth-quarter loss of 26 cents a share last week as it continues to struggle with its restructuring.
IPG didn?t break out numbers by discipline, so it?s unclear how its operations faired. In an analyst conference call, the firm said that the PR businesses were still lagging behind other sectors in recovering from the economic downturn.
?We?re starting to see PR come back,? Harris Diamond, CEO of IPG?s Constituency Management Group, which includes its PR firms, said in an interview. ?Each quarter seems to be getting stronger. We?re feeling more confident that we are participating in the recovery.?
The fourth-quarter loss of $102.5 million compared with a net profit of $20.3 million, or 5 cents per share, a year earlier. Interpublic said its restructuring program will continue through the first half of 2004 and is not expected to exceed $250 million.
Fourth quarter revenue increased 5.7% to $1.6 billion from the $1.54 billion the company posted during the same quarter in 2002.